All Forum Posts by: Marcin Ferenc

Congratulations on your first flip! Keep up the good work.

Do the 30 year and lock up the low interest rates for as long as you can. I you ever want to you can make additional payments to pay the loan off quicker.

Hi @Kevin A. welcome to BP! A Multifamily is a great way to get started in REI. If you can cover your mortgage and taxes with the rent than its even better. First think about whether you want to live next to your tenants though. I know some landlords hate that but it does make the first purchase a lot easier as you qualify for owner occupant financing.

I disagree that NJ is not a good market. I think there are opportunities everywhere you just have to search diligently for them. Shoot me an email if you have any questions.

Regards

@Larry Turowski Wow that sounds very impressive. I found my properties just using brokers websites. Boring but has worked so far. I will use some of the strategies you mentioned in the future though.

Hi Darren Sager I will be attending.

Look at it this way, will these issues cause larger problems if not taken care of ASAP? If so, do it now and save yourself the headache. If not than let it go. Obviously consider the safety of your tenants when making these decisions.

I personally would not purchase a house with an underground oil tank. I am just too afraid of what might happen with them. There is a house not too far from one of my flips which has been on the market for over 2 years at a good price but nobody is touching it because of an oil issue. 

I'm sure you would get the majority of your money back in the sales price after you do the conversion. Also check if your town is giving any subsidies for owners who are removing the tanks.

What do you guys do when your contractors or subs up their prices per hour or per job for an exactly same type of work. Do you question them and try to get them back down, bite the bullet and pay if they do a good job usually or search for someone else so they see they are not the only ones around who can do this? Thoughts? Thank you

Hi TAYLOR BRANNEN . To me this does not seem like a good deal but I know nothing about the area so thats something you will need to research yourself. The numbers alone don't seem to work well. Your cash flow of ~$300 will quickly vanish when you have a vacancy and when repairs come up. Also keep in mind that when a commercial place is vacant it can sit empty for several months before you find someone to rent it because the group of potential tenants is much more limited. In my opinion, I would pass.

I would just go out and speak to lenders/mortgage brokers. I was able to use the rental income when purchasing my first and second rental properties. If you don't ask you will never know and there is no penalty for asking.